Q1 2024 Buckle Inc Earnings Call Transcript
Key Points
- Net income for the first quarter was $34.8 million, or $0.69 per share on a diluted basis.
- Average unit retail increased by approximately 6.5%.
- Merchandise margins improved by 50 basis points.
- Inventory levels were effectively managed, with a 5.1% decrease from the same time a year ago.
- Private label sales represented 46% of total sales, up from 44% in the first quarter of 2023.
- Net sales for the first quarter decreased by 7.2% to $262.5 million.
- Comparable store sales decreased by 9% compared to the same period last year.
- Online sales decreased by 13.4% to $44.4 million.
- Gross margin for the quarter was down 110 basis points to 46%.
- Selling, general, and administrative expenses increased to 29.8% of net sales from 28.1% in the prior year.
Good morning and thank you for standing by and welcome to Buckle's first quarter earnings release webcast. As a reminder, all participants are currently in a listen-only mode. A question-and-answer session will be conducted following the company's prepared remarks with instructions given at that time.
Members of Buckle's management on the call today are Dennis Nelson, President and CEO; Tom Heacock, Senior Vice President of Finance, Treasurer and CFO; Adam Akerson, Vice President of Finance and Corporate Controller; and Brady Fritz, Senior Vice President, General Counsel and Corporate Secretary.
As they review of operating results, they would like to reiterate their policy of not giving future sales or earnings guidance and have the following Safe Harbor statement.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995, all forward-looking statements made by the company involve material risks and uncertainties and are subject to change based on factors which may be beyond the company's control.
Accordingly, the company's future performance
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
